Trustco, Inc. offers life insurance products from the industry's highest-rated and most competitive life carriers. We can help you determine the right type and amount of insurance for your situation with our unique financial planning process. In addition to helping to support dependents, individually owned life insurance is income tax free to your beneficiaries. Below are some of the uses of Life Insurance:
- Buy/sell agreements - Life insurance can fund an agreement between two or more partners in a business that stipulates that when one of the partners dies, the death benefit goes to purchasing the deceased partner's interest in the business.
- Credit line coverage - Life insurance can help secure a line of credit for a business by being a solid business asset that can be used as collateral for a loan.
- Keyperson coverage - Life insurance will protect a business from monetary losses caused by the death of a key executive or employee.
- Employee benefit - Group life insurance is a valuable benefit a business can use to attract quality employees.
- Debt coverage - A sole proprietor of a business can use life insurance to cover.
Some of the personal uses of life insurance are:
- Burial expenses - Life insurance will pay for funeral expenses and benefits can be assigned directly to the funeral home.
- Mortgage and debt protection - Life insurance can pay off a mortgage, credit cards, a student loan and other personal debt.
- Education - The cash value in a life insurance policy can provide funds for a college education.
- Charitable giving - Life insurance can fund a donation to, or an annuity for, a charity, church, foundation or non-profit organization.
- Estate creation - Buying a whole life insurance policy gives the insured an instant estate and augments net worth.
- Estate taxes - Life insurance can be used to pay estate taxes when taxes are due.
- Inheritance equalization - If the son inherits the family's $2 million mansion, what does the daughter get of equal value? How about a $2 million death benefit from a life insurance policy? This gives both children an equal inheritance.
- Survivor income - Life insurance can provide a lifetime income to a widow or widower when the spouse dies. As such, it is instant security.
- Children's insurance - Life insurance on a child not only guarantees a death benefit; it also ensures that the child will be guaranteed insurable for future life insurance coverage.
